Overview
- Brent briefly surged as much as 29% to about $119 before easing near $106 after reports of G7 and IEA coordination talks on strategic reserves.
- Iran’s Assembly of Experts confirmed Mojtaba Hoseini Khamenei as the new supreme leader following his father’s death.
- US Central Command reported another service member died of wounds from earlier Iran-attributed attacks in Saudi Arabia, raising American combat fatalities in the current flare-up to seven.
- Equities tumbled across Asia and bond yields jumped as policymakers warned of inflation risks, with the IMF estimating a sustained 10% oil rise would add roughly 0.4 percentage points to global inflation.
- Governments and industries moved to cushion the shock, with Mexico relying on fuel tax subsidies and price pacts, airlines like Iberia signaling fare increases on higher jet fuel, and fertilizer costs such as urea quotes doubling in recent days.